US-based iron ore miner Cliffs Natural Resources announced Monday that it is cutting production at one of its five iron ore mines by nearly 50 percent, due to a major steelmaking customer shutting off a blast furnace for planned maintenance.
The cut at Cliffs' Empire mine in Palmer, Michigan will bring production volume down to 2.7 million tons starting in Q2 2012 from the estimated 4.6 million tons this year. However, the company said it does not expect the partial shutdown will affect its sales and overall production volumes--projected to be 23 million tons for 2012.
The steelmaking customer's name was not revealed in the announcement.